You might be surprised to discover the hottest zip codes of 2019. The real estate market saw some new trends this year that caused a shift in hot spots. Metropolitan giants like New York and San Francisco are no longer leading the pack. To find the fastest-selling homes in America, we have to set our sights on smaller locales.
Realtor.com reports that Grand Rapids, Michigan; Omaha, Nebraska; and Boise, Idaho took the top three slots in 2019 for hottest zip codes. The rankings are based on how quickly homes sell and how frequently they are viewed on Realtor.com. The top ten list, which also includes zip codes in New Hampshire and Kansas, demonstrate growing trends in the real estate market.
One of the most significant shifts is the influx to areas outside the big cities. With prices in the Big Apple and other metropolises beyond many buyers’ budgets, home seekers are looking to markets where housing is less dense and is smaller and more affordable.
Millennials are a big part of the new trends. Making up the largest percentage of Americans taking on mortgages, millennials are seeking strong local job markets and affordable homes.
According to Realtor.com, millennial salaries in the top ten zip codes are, on average, 13 percent higher than the national median millennial income. Additionally, job growth projections for these areas are exceeding national growth projections. Lastly, the average home price in these areas is significantly lower, at $272,000, than the national median price of $316,000. If you’d like to learn more about current housing trends, I’m just an email or phone call away.